Thursday, July 7, 2022

Dairy export volumes surge while prices fall

Seasonally adjusted dairy export volumes rose 32% in the September quarter, spurred on by a high demand for milk powder, according to Statistics New Zealand.

Dairy products were the largest contributor to a 9.7% rise in seasonally adjusted export volumes, while meat export volumes rose 15%.          

However, in the same quarter export prices fell 6.3%, led by dairy prices, which were down 13%.

"Dairy export volumes are at record levels, after adjusting for seasonal effects," Statistics New Zealand prices manager Chris Pike said.

"Dairy values remain at high levels, even though export prices have fallen for five consecutive quarters."

In the September quarter, the terms of trade fell 3.2%. A fall in the terms of trade means that fewer imports can be funded by the same quantity of exported goods. The terms of trade are 9.1% lower than a year ago.

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